By PAUL O’DONOGHUE, Senior Correspondent
THE UK has pledged £121 million to develop quantum technologies that could help detect fraud and money laundering.
The government announcement coincided with World Quantum Day on April 14 and supports the UK’s ambition to lead in emerging technologies.
Quantum systems use the properties of subatomic particles to power advanced computing and sensing tools. These technologies can process vast and complex data sets, helping to identify hidden fraud patterns and improve security.
Quantum computers are still being developed and are not yet widely used. However, once completed, the UK government said the technology would have a variety of anti-financial crime benefits.
It said quantum computers could “spot the first signs of fraud and halt money laundering, which could save billions for the economy”,
“The technology is already being harnessed, by using quantum computing’s unique ability to analyze complex data and detect subtle patterns, to tackle fraud, one of the biggest challenges facing society, which currently costs the economy £2.6 billion each year,” the UK government said.
UK Secretary of State for Science and Technology, Peter Kyle said: “Quantum – manipulating the universe at its smallest scale – has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country – stopping fraudsters in their tracks, protecting our bank accounts and more.”
The investment supports the government’s wider “Plan for Change” and extends the National Quantum Technologies Programme. It aims to move quantum innovations from research labs into real-world use across the public and private sectors.
One major project will involve HSBC and the National Quantum Computing Centre (NQCC). Their teams will explore how quantum systems can spot early signs of suspicious financial activity.
UK quantum investment areas
The UK already hosts the world’s second-largest cluster of quantum companies, after the United States. This investment aims to keep the UK competitive and build a pipeline of scientists and engineers.
The funding will support multiple programmes:
- Innovate UK will receive £46.1 million to speed up commercial use of quantum tech in computing, communications, and sensing.
- The NQCC will receive £21 million to expand its testbed programme and work with the Quantum Software Lab.
- The National Physical Laboratory will get £10.9 million to help businesses use quantum measurement tools.
- The Engineering and Physical Sciences Research Council will invest £23.6 million in five research hubs and talent training.
- £15.1 million will fund 11 Career Acceleration Fellowships focused on applications like drug discovery and diagnostics.
- £4.3 million will support apprenticeships and early-career researchers through the Science and Technology Facilities Council.
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